RingCentral (RNG) PT Raised to $300 at UBS, Shares Trade at Discount
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UBS analyst Taylor McGinnis raised the price target on RingCentral (NYSE: RNG) to $300.00 (from $275.00) after the company reported a continued slight acceleration in 2QF21 RCO ARR growth. The 3QF21 subscription revenue guide of 30.5% was the highest in recent years, but in-line with expectations.
The analyst reiterated a Neutral rating, stating "RNG still trades at a significant discount to the peer group (13x CY22 revs vs avg of 18x) and we believe it will likely take a couple quarters of sustained high-30s to low-40s RCO ARR growth to reduce the discount imbedded in RNG shares. This print served as a step in the right direction, but consistency is needed to shake competition fears."
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